11 88 0 Solutions AG

Quarterly Report • Nov 6, 2025

FOR THE 3RD QUARTER 2025

Fincancial Key Figures

Financial key figures of 1188 0 Solutions Group at a glance

in EUR million	9M 2025	9M 2024	Variance absolute	Variance in percent
Revenues and earnings 11880 Solutions Group
Revenues	40.3	41.5	-1.3	-3.1%
EBITDA1	2.2	3.6	-1.3	-37.7%
Net income (loss)	-1.1	-0.2	-0.9	>-100%
Details segments
Revenues Digital	32.9	33.6	-0.7	-2.1%
EBITDA1 Digital	1.6	3.8	-2.2	-57.3%
Revenues Directory Assistance	7.3	7.9	-0.6	-7.6%
EBITDA1 Directory Assistance	0.6	-0.3	0.9	>100%
Statement of financial position2
Total assets	23.5	20.0	3.5	17.4%
Cash3	1.4	2.4	-1.0	-41.9%
Equity	2.8	3.9	-1.1	-28.1%
Equity ratio	11.9%	19.5%
Cashflow
Cash Flow from operating activities	-0.3	1.9	-2.2	>-100%
Cash Flow from investment activities	-0.7	-0.3	-0.4	>100%
Cash Flow from financing activities	0.0	-0.9	0.9	-97.1%
Net Cash Flow4	-1.0	0.7	-1.7	>-100%
Key figures for the 11880 share
Earnings per share (in EUR)	-0.04	-0.01	-0.03	>-100%
Share price (in EUR)5	0.61	0.75	-0.14	-18.1%
Market capitalisation	16.0	19.5	-3.5	-18.1%
Other Key figures
Number of employees group6	416	483	-67	-13.9%

¹ Earnings before interest, tax, depreciation and amortisation

² Comparison value as of 31. December 2024

³ Portfolio of cash

⁴ Operating cash flow plus cash flow from investing activities plus cash flow from financing activities

⁵ Xetra-closing prices as of last trading day 30 September 2025

⁶ Headcounts as of 30 September 2025 closing date (excluding the Managment Board, trainees, "mini-jobs" and dormant employment contracts)

Content

Business development, key events	04
Financial situation	05
Segment report	06
Forecast change report	06
Comparability of data	06
Consolidated Statement of Financial Position (IFRS)	08
Consolidated Income Statement (IFRS)	10
Consolidated Statement of Comprehensive Income (IFRS)	11
Consolidated Statement of Shareholders Equity (IFRS)	12
Consolidated Statement of Cash Flows (IFRS)	13
Shareholding structure of the 11880 Solutions Group	15
Imprint	15

Business development, key events

The first nine months of the current financial year at 11 88 0 Solutions AG continued to be dominated by consolidation. The economic environment in the customer segment of small and medium-sized enterprises (SMEs) remained challenging, requiring prudent management to ensure stability and efficiency while continuing to develop the business models in a targeted manner.

Product development focused on the continuous enhancement of the review platform werkenntdenBESTEN. Newly introduced detailed entries consolidate customer reviews and summarize them into compact "review highlights", enabling users to identify the key strengths and unique features of a provider at a glance, without having to browse through numerous individual reviews. In addition, digital city guides were launched for major German cities, showcasing top-rated local providers and enabling users, through a partnership with GetYourGuide, to book tours, experiences, and attractions directly. This makes orientation easier for consumers while strengthening the visibility of corporate clients at the same time. Step by step, werkenntdenBESTEN is evolving into an indispensable everyday tool that delivers tangible value for both users and businesses.

In September, a new social media offering was introduced, which corporate customers can book directly via 11880 Solutions AG. The package enables SMEs to increase their reach and visibility across major social networks in an efficient manner. Just within the first few weeks after launch the offering met with positive feedback and essentially complements the existing online marketing services.

In the Directory Assistance segment, revenue volume remained largely stable despite a further market-driven decline in call volume for the traditional directory service. The decrease was largely offset by Call Center Services, whose importance to the overall business continues to grow. During the summer months the acquisition team was expanded to accelerate new customer business.

Financial situation

Results of operations

In the first nine months of 2025, the 11 88 0 Solutions Group generated a consolidated revenue of EUR 40.3 million (previous year: EUR 41.5 million), a decrease of EUR 1.2 million compared to the same period of the previous year. Further details on segment breakdowns and changes are shown in the "Segment report" section.

As of the end of the third quarter, cost of sales increased by EUR 0.1 million year-over-year, amounting to EUR 24.4 million (previous year: EUR 24.3 million).

Selling expenses remained unchanged year-over-year at EUR 8.7 million.

For the first nine months, general administrative expenses amounted to EUR 6.9 million (previous year: EUR 7.4 million).

Impairment losses on receivables decreased from EUR 1.7 million in the previous year to EUR 1.5 million as of the reporting date.

The Group's earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to EUR 2.2 million for the first nine months of 2025 (previous year: EUR 3.6 million), representing a decline of EUR 1.4 million year-over-year. This was primarily due to the increase of relative cost of sales as a result of higher media and personnel costs.

Net income after taxes amounted to EUR -1.1 million as of the reporting date (previous year: EUR -0.2 million).

Statement of financial position

Capital expenditures

Investments in fixed assets amounted to EUR 7.1 million in the first nine months of 2025 (previous year: EUR 3.5 million). The total investments primarily included capitalized contract initiation costs of EUR 1.9 million (previous year: EUR 2.2 million) and capitalized rights of use totaling EUR 4.4 million (previous year: EUR 1.1 million). The significant increase in capitalized rights of use is due to the relocation of the Group headquarters in Essen, which also resulted in a material reduction in rents.

Balance sheet

As of September 30, 2025, total assets amounted to EUR 23.5 million, representing an increase of EUR 3.5 million compared to December 31, 2024 (EUR 20.0 million).

On the asset side, current assets decreased from EUR 7.8 million as of December 31, 2024, to EUR 7.2 million. Cash and cash equivalents (including restricted funds) decreased from EUR 2.4 million as of December 31, 2024, by EUR 1.0 million to EUR 1.4 million as of the reporting date. Trade receivables increased by EUR 0.5 million to EUR 5.1 million compared to December 31, 2024.

Non-current assets increased mainly due to the new lease agreement enforced during mid-year and the associated increase in property, plant, and equipment, rising from EUR 12.2 million as of December 31, 2024, to EUR 16.2 million as of the reporting date.

On the liabilities side, current liabilities decreased by EUR 0.5 million to EUR 11.9 million (December 31, 2024: EUR 12.4 million). The primary reason for this was an inflow of funds related to a grant received in connection with the new lease agreement initiated mid-2025. The tenant grant will reduce the corresponding lease liability on a straight-line basis over the lease term.

Non-current liabilities increased mainly due to the aforementioned recognition of right-of-use assets (according to IFRS 16) related to lease agreements, rising to EUR 8.8 million as of the reporting date (December 31, 2024: EUR 3.8 million).

Equity decreased by EUR 1.1 million to EUR 2.8 million (December 31, 2024: EUR 3.9 million), primarily due to the negative net result for the reporting period.

Cash flow & financing

For the first nine months of 2025, operating cash flow amounted to EUR -0.3 million (previous year: EUR 1.9 million).

Cash flow from investing activities was EUR -0.7 million (previous year: EUR -0.3 million).

Cash flow from financing activities amounted to less than EUR -0.1 million (previous year: EUR -0.9 million).

Cash-position

Cash and cash equivalents (including restricted funds) decreased from originally EUR 2.4 million as of December 31, 2024, to EUR 1.4 million as of the reporting date.

Segment report

Revenue in the Digital segment amounted to EUR 32.9 million, below the previous year's level (EUR 33.6 million). The share of the Digital segment in total revenue was approximately 82 percent in the third quarter of 2025 (previous year: 81 percent). The nine-month result (EBITDA) amounted to EUR 1.6 million (previous year: EUR 3.8 million).

The Directory Assistance segment contributed EUR 7.3 million to the total revenue (previous year: EUR 7.9 million). The ninemonth result (EBITDA) amounted to EUR 0.6 million (previous year: EUR -0.3 million).

Forecast change report

Group revenue is developing largely in line with the forecasts provided in the 2024 annual financial statements.

The EBITDA guidance issued at the beginning of the year has been raised to a range of EUR 3.8 million to EUR 4.8 million (previously: EUR 3.0 million to EUR 4.0 million).

Despite extensive and ongoing efficiency measures, the company adjusted its cash forecast for 2025 to between EUR 1.8 million and EUR 2.5 million (previously: EUR 2.8 million to EUR 3.5 million) based on current business developments.

Comparability of data

The Nine-Month Report 2025 as well as the consolidated financial statements as of December 31, 2024, are available on the website of 1188 0 Solutions AG at https://ir.11880.com/finanzberichte.

Essen, 5 November 2025

The Management Board

Inhalt

Consolidated Statement of Financial Position (IFRS)	08
Consolidated Income Statement (IFRS)	10
Consolidated Statement of Comprehensive Income (IFRS)	11
Consolidated Statement of Shareholders Equity (IFRS)	12
Consolidated Statement of Cash Flows (IFRS)	13
Shareholding structure 11 88 0 Solutions Group	15
Imprint	15

Consolidated Statement of Financial Position (IFRS)

in EUR thousand	30 September 2025	30 September 2024	31 December 2024
	(unaudited)	(unaudited)
ASSETS
Current assets
Cash	1,260	2,112	2,298
Restricted cash	134	134	134
Trade accounts receivable	5,098	5,168	4,638
Income tax receivables	20	23	19
Other financial assets	16	16	158
Other current assets	696	575	545
Total current assets	7,224	8,028	7,791
Non-current assets
Goodwill	3,887	4,061	3,887
Intangible assets	3,979	4,285	4,106
Property and equipment	1,155	472	750
Capitalized right of use (IFRS 16)	4,918	1,263	1,165
Other non-current assets	226	316	281
Deferred tax assets	2,095	724	2,053
Total non-current assets	16,261	11,121	12,243
Total assets	23,485	19,149	20,035

in EUR thousand	30 September 2025	30 September 2024	31 December 2024
LIABILITIES AND EQUITY	(unaudited)	(unaudited)
Current liabilities
Trade accounts payable	366	523	191
Accrued liabilities	4,675	4,857	4,790
Income tax liabilities	27	62	118
Short-term lease liabilities (IFRS 16)	610	1,372	630
Other liabilities due to related parties	92	94	0
Other current liabilities	6,081	5,690	6,621
Total current liabilities	11,851	12,598	12,350
Non-current liabilities
Provisions	998	727	794
Provisions for retirement benefits	10	5	0
Other non-current liabilities	0	0	1
Other liabilities to Group companies	2,000	2,000	2,000
Long-term lease liabilities (IFRS 16)	5,476	34	686
Deferred tax liabilities	348	553	307
Total non-current liabilities	8,832	3,318	3,788
Total liabilities	20,683	15,916	16,137
Equity
Share capital	26,232	26,232	26,232
Additional paid in capital	34,300	34,300	34,300
Accumulated deficit	-57,730	-57,288	-56,635
Other components of equity	0	-12	-1
Equity attributable to owners of the parent	2,802	3,233	3,897
Total equity	2,802	3,233	3,897
Total liabilities and equity	23,485	19,149	20,035

Consolidated Income Statement (IFRS)	Quarterly Report (unaudited)		9-Months-Report (unaudited)
in EUR thousand	01.07. – 30.09.2025	01.07. – 30.09.2024	01.01. – 30.09.2025	01.01. – 30.09.2024
Revenues	13,045	13,707	40,262	41,529
Cost of revenues	-7,754	-8,147	-24,418	-24,250
Gross profit	5,291	5,560	15,845	17,279
Selling and distribution costs	-2,868	-2,889	-8,660	-8,678
General administrative expenses	-2,114	-2,276	-6,896	-7,426
Impairment losses from receivables	-535	-595	-1,530	-1,690
Other operating income / expense	424	527	429	527
Operating income (loss)	198	327	-813	12
Interest income	1	1	6	2
Interest expense	-30	-30	-96	-96
Interest expenses from lease liabilities (IFRS16)	-99	-32	-118	-110
Gain (loss) on foreign currency translation	-0	-0	-2	-0
Financial income (loss)	-129	-62	-210	-205
Income (loss) before income tax	69	265	-1,023	-193
Current income tax	-56	0	-73	-25
Deferred income tax	0	0	1	0
Net income (loss)	13	265	-1,095	-218
Attributable to:
Owners of the parent	13	265	-1,095	-218
Earnings per share for net income (loss) for the reporting period attributable to ordinary equity holders of the parent (in EUR)	0.00	0.01	-0.04	-0.01

Consolidated Statement of Comprehensive Income (IFRS)	Quarterly Report (unaudited)		9-Months-Report (unaudited)
in EUR thousand	01.07. – 30.09.2025	01.07. – 30.09.2024	01.01. – 30.09.2025	01.01. – 30.09.2024
Net income (loss)	13	265	-1,095	-218
Other comprehensive income (loss)
Items that will not be reclassified to profit or loss
Actuarial gains (losses) from pensions and similar obligations, net	0	0	0	0
Deferred tax on acturial gain (losses) from pensions and similar obligations, net	0	0	0	0
Items that can be reclassified subsequently to profit or loss
Other comprehensive income (loss) after tax	0	0	0	0
Total comprehensive income (loss)	13	265	-1,095	-218
Attributable to:
Owners of the parent	13	265	-1,095	-218

Consolidated Statement of Shareholders Equity (IFRS)

Equity attributable to owners of the parent

in EUR thousand	Share capital	Additional paid in capital	Accumulated deficit	Other components of equity	Total equity
Balance at January 1, 2025	26,232	34,300	-56,635	-0	3,897
Net income (loss)			-1,095		-1,095
Actuarial gains (losses) from pensions and similar obligations
Deferred tax on acturial gains (losses) from pensions and similar obligations
Other comprehensive income (loss)
Total comprehensive income (loss)			-1,095		-1,095
Balance at September 30, 2025	26,232	34,300	-57,730	-0	2,802
Balance at January 1, 2024	26,232	34,300	-57,071	-12	3,450
Net income (loss)			-218		-218
Actuarial gains (losses) from pensions and similar obligations
Deferred tax on acturial gains (losses) from pensions and similar obligations
Other comprehensive income (loss)
Total comprehensive income (loss)			-218		-218
Balance at September 30, 2024	26,232	34,300	-57,288	-12	3,233

Consolidated Statement of Cash Flows (IFRS)

in EUR thousand	01.01 30.09.2025	01.01 30.09.2024
Cash flow from operating activities	(unaudited)	(unaudited) -192
Income (loss) before income tax	-1,023
Adjustments for:
Amortisation and impairment of intangible assets	2,175	2,452
Amortisation and impairment of capitalized-rights-of-use (IFRS 16)	664	906
Depreciation and impairment of property and equipment	198	172
Gain (loss) on disposal of property and equipment	2	-520
Interest income	-6	-1
Interest expense	215	204
Gain (loss) on foreign currency translation	2	0
Valuation allowance for trade accounts receivable	-1,391	-973
Gain (loss) from pension provisions	10	-20
Impairment of other non-current assets	148	179
Changes in non-current provisions	204	205
Changes in non-current other and financial assets	-92	-89
Payments for contract initiation costs (customer contract > 1 year)	-1,919	-2,014
Cash inflows before changes in operating assets and liabilities	-814	309
Changes in operating assets and liabilities:
Trade accounts receivable	736	1,960
Miscellaneous current assets	-35	2,592
Trade accounts payable	198	23
Increase / decrease of deferred and other liabilities	-370	-2,977
Cash outflows / inflows from operating activities	-284	1,907

in EUR thousand	01.01 30.09.2025	01.01 30.09.2024
	(unaudited)	(unaudited)
Cash flow from investing activities
Purchase of intangible assets excl. customer contracts	-120	-182
Proceeds from the disposal of intangible assets	0	0
Purchase of property and equipment	-608	-108
Interests received	0	1
Cash inflows / outflows from investing activities	-728	-289
Cash flow from financing activities
Interest paid	-2	1
Outflows from the repayment of loans	-94	-144
Interest expenses for leases in accordance with IFRS 16	-118	-108
Proceeds from the issue of shares (cash capital increase)	0	0
Payments from the repayment of liabilities from leases (IFRS 16)	-427	-668
Payouts in connection with capital increases	0	0
Cashs receipts from leasing incentives	615	0
Deposit from loans received from related companies	0	0
Cash inflows / outflows from financing activities	-26	-919
Other non-cash expenses/income	0	0
Change in cash	-1,038	699
Cash at the beginning of the reporting period	2,298	1,413
Cash for the purpose of the cash flow statement at the end of the period	1,260	2,112
Cash at the end of the reporting period	1,260	2,112
Cash with and without restricted cash at the end of reporting period	1,394	2,246

Shareholding Structure of the 11880 Solutions Group

11880 Solutions AG ESSEN, GERMANY

11880 Internet Services AG ESSEN, GERMANY 100%

FAIRRANK GmbH COLOGNE, GERMANY 100%

Ormigo GmbH COLOGNE, GERMANY 100%

WerWieWas GmbH ESSEN, GERMANY 100%

Seitwert GmbH COLOGNE, GERMANY 100%

Imprint

Contact

Investor Relations Phone: +49 (0)201 8099-188

E-Mail: investor.relations@11880.com

Imprint

In charge of 11 880 Solutions AG, Baumstraße 23, 45128 Essen www.11880.com

Artwork

Jennifer Lennermann